Zheng Quan Shi Bao Wang·2025-10-16 00:45Core Viewpoint - The report from GF Securities indicates a positive recovery trend in major airports' production, with a steady optimization of passenger flow structure [1] Group 1: Passenger Traffic Recovery - From January to August 2025, cumulative production data for major listed airports shows a steady rebound [1] - Passenger throughput is benefiting from airlines adopting a price-for-volume strategy and stable demand, leading to a significant year-on-year improvement in load factors for major airlines [1] - The recovery of international flights has accelerated, with the year-on-year growth rate of passenger flow outpacing that of flight volume [1] Group 2: Industry Outlook - The aviation sector continues to recover, with an increase in international routes contributing to a steady rise in industry prosperity [1] - Major airports have sufficient ground capacity, and under the initiative to develop international hub airports, the structure is expected to continuously improve, leading to gradual recovery in profit elasticity [1] - It is recommended to focus on airports with a high proportion of international routes, as well as those with potential for transfer and regional passenger flow expansion [1]